Bermudian-based Axis Capital Holdings Ltd has reported net income available to common shareholders of $588 million for fiscal year 2021, including fourth-quarter net income of $197 million.

Those figures compare with a net loss of $151 million in 2020 and a net loss of $5 million in the fourth quarter a year ago.

Operating income for the year was $436 million, including $182 million in the fourth quarter.

Those figures compare with an operating loss of $174 million in 2020, and with an operating loss of $16 million in the fourth quarter a year ago.

For the fourth quarter, the company reported an improvement of 2.3 points in current accident year combined ratio, excluding catastrophe and weather-related losses, compared with the previous year, to 89.5 per cent.

For the full year, the company reported an improvement of 3.5 points in current accident year combined ratio, excluding catastrophe and weather-related losses, compared with the previous year, to 88.7 per cent.

For the year, gross premiums written increased by $859 million, or 13 per cent ($786 million or 12 per cent on a constant currency), to $7.7 billion with an increase of $845 million, or 21 per cent, in the insurance segment and an increase of $14 million, or 1 per cent, in the reinsurance segment.

Net premiums written increased by $590 million, or 14 per cent ($523 million or 12 per cent on a constant currency), to $4.9 billion with an increase of $537 million, or 23 per cent, in the insurance segment and an increase of $53 million, or 3 per cent, in the reinsurance segment.

Pretax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $443 million ($378 million, after-tax), (insurance: $175 million; reinsurance: $268 million) or 9.5 points, primarily attributable to Hurricane Ida, Winter Storms Uri and Viola, which principally impacted the state of Texas, July European floods, and other weather-related events, compared with $774 million (insurance: $443 million; reinsurance: $330 million), or 17.7 points, in 2020, which included $360 million, or 8.2 points, attributable to the Covid-19 pandemic.

There was no change to the net loss estimate of $360 million established in 2020 for the pandemic.

Albert Benchimol, president and CEO of Axis Capital, said: "This was a strong fourth quarter highlighted by an annualised operating ROE of 15 per cent, a good finish to a year of meaningful progress. Our results provide further evidence that our work in recent years to reposition our portfolio is delivering its intended outcome, and we’re committed to sustaining this momentum and producing consistent profitable growth.”

He added: “Within our insurance segment, we delivered both record new business growth and total premium, as we produced the largest and most diversified insurance portfolio in the company’s history.

“Our insurance business produced a combined ratio of 91.6 per cent for the full year, and we’re focused on delivering performance in line with the top ranks of the specialty insurance sector.

“Within our reinsurance segment, which reported a full year combined ratio of 99 per cent, we took substantial portfolio actions during the year and into the 1/1 renewals to improve the quality and reduce the volatility of the book, and we will continue to do so in 2022.”